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Jack Ma Banking on Blockchain for a Cashless Society

Jack ma is banking on blockchain to bring a completely cashless society .

According to the chairman of the giant e - commerce site Alibaba, this will usher in a newage of transparency.

In a speech , Ma said that he follows blockchain and bitcoin closely which he notes as powerful innovations .

Ant financial , the $60 billion conglomerate which Ma also chairs dominates the payments scene in China. The country is already largely cashless with users often using their smartphones to make purchases in stores through NFC. Wages are often paid through such apps as they are more convenient and faster than banks.

According to Ma , Alibaba is pursuing the vision of a cashless society .

" I Pay special attention to a cashless society and blockchain technology. Mine and Alibaba's job is we will move the world into a cashless society. The society can make everybody equal, inclusive to get the money they need, make sure it is sustainable and transparent " Ma said in a speech .

While Ma is still considering Bitcoin's merit as a store of value, he is still not sure whether it brings enough value to society .

Alibaba currently has the highest number of blockchainpatents accounting for about 10% of all blockchain patents filed.